Jesse over at Cafe Americain has an updated post on the MG Global crime scene. He details the SEC involvement: you decide if it is complacency or fraud. It is looking more and more like fraud every day.

MF Global is just plain ugly, revealing the soft-underbelly of blatant fraud and cronyism going on in the financial industry. You will not hear about these issues from your broker, news media, or financial markets. You must understand what is going on here and how to protect your investments. If you do not, you will be parted from your money.

A dirty business, but as I have said, it is not likely that justice will ever be done. Mr. Corzine may not even be banned from dealing again in the financial markets.

I just would like to see people made aware of this, so they might protect themselves from these rapacious sociopaths and their enablers. And of course, to see the monies stolen from the innocent account holders returned.

MF Global is one of the most outrageous scandals in recent financial history, involving one of the principal donors and fund raisers to the Democratic presidential incumbent.

And here is EB’s MF Global Round-up with even more scathing information. This is an excellent post with important detailed information on the cover-up. Now, it is the cover-up that will blow up, not the initial crime. Bill Black’s video is also linked directly here.

gg says: MF Global could have been a blip on the radar, instead, they stole customer funds, declared an illegal bankruptcy that froze out investors, and then attempted to cover-up the whole thing with media’s compliance. Now, we have a complete loss of trust in financial media, regulators, government, legal system, banking industry, and the entire US futures trading industry. Way to go….